Resolution - #22-111 - 05/10/2022

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Extract of Minutes of a Meeting of the City Council of the City of Ramsey, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Ramsey, Minnesota, was duly called and held at the Ramsey Municipal Center, 7550 Sunwood Drive NW, in said City on Tuesday, the loth day of May, 2022, at 7:00 o'clock P.M. Councilmember Woestehoff introduced the following resolution and moved for its adoption: RESOLUTION #22-111 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (PACT CHARTER SCHOOL PROJECT) (a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, as amended,relating to municipal industrial development(the "Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and (b) WHEREAS, Ramsey, Minnesota (the "City"), has received from PCS Building Company, a Minnesota nonprofit corporation and 501(c)(3) organization (the `Borrower"), a proposal that it undertake a program to finance the Project (as defined in Exhibit A attached hereto), through the issuance of revenue bonds, in one or more series, or obligations (the "Obligations")pursuant to the Act; and (c) WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 469.154, Subdivision 4, of the Act. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA as follows: 1) A public hearing on the proposal of the Borrower will be held at the time and place as determined by the City Administrator. The general nature of the Project and an estimate of 73342627v5